Global Vanadium Redox Battery Market to Grow at a CAGR of 8.5% by 2021 - Growing Demand for Power Backup Solutions - Research and Markets

The global vanadium redox battery market to grow at a CAGR of 8.5%
during the period 2017-2021.

The report, Global Vanadium Redox Battery Market 2017-2021, has been
prepared based on an in-depth market analysis with inputs from industry
experts. The report covers the market landscape and its growth prospects
over the coming years. The report also includes a discussion of the key
vendors operating in this market.

According to the report, one driver in market is environmental impact of
battery disposal. The demand for lead-acid batteries has increased with
the growth in the automotive and other industries. In addition, there
are increased battery energy storage applications for hybrid Electric
vehicles and renewable power generation. However, the growing production
of lead-acid batteries has raised environmental concerns over lead
pollution. Battery production involves the use of toxic materials
because of the lack of safer substitutes. Battery production requires a
large quantity of lead, a portion of which often mixes with the
discharged fumes.

This leads to air pollution, resulting in health problems. To curb lead
poisoning, the Chinese government has shut down majority of its
lead-acid battery plants and has also enforced stringent regulations,
standards for battery production and disposal. Improper battery disposal
in landfills can result in lead and sulfuric content seeping into the
groundwater and contaminating it. Hence, a proper management system for
battery disposal is required to ensure the safety of people and the
environment.